Published Papers

JAY R. RITTER

• "Innovation and Communication: Signaling with Partial Disclosure," Sudipto Bhattacharya and Jay R. Ritter, Review of Economic Studies, Vol. 50 (April 1983), pp. 331-46.  Download article from JSTOR.  

• "The 'Hot Issue' Market of 1980," The Journal of Business, Vol. 57, No. 2 (April 1984), pp. 215-40.

• "Signaling and the Valuation of Unseasoned New Issues: A Comment," Journal of Finance, Vol. 39, No. 4 (September 1984), pp. 1231-37.  Download from JSTOR.

• "Investment Banking, Reputation, and the Underpricing of Initial Public Offerings," Randolph Beatty and Jay R. Ritter, Journal of Financial Economics, Vol. 15, No. 1/2 (Jan./Feb.1986), pp. 213-32.           
  • Reprinted in The Modern Theory of Corporate Finance, edited by Clifford W. Smith, Jr., New York: McGraw Hill, 1989 (second edition).

• "The Costs of Going Public," Journal of Financial Economics, Vol. 19, No. 2 (December 1987), pp. 269-81.

• "The Buying and Selling Behavior of Individual Investors at the Turn of the Year," Journal of Finance, Vol.43, No. 3 (July 1988), pp. 701-17. Download article from JSTOR        
  • Abstracted in The CFA Digest, Vol. 19, No. 1 (Winter 1989), pp. 6-7.
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK:  Edward Elgar Publishing.

• "Initial Public Offerings," Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Ritter, Journal of Applied Corporate Finance, Vol. 1, No. 2 (Summer 1988), pp. 37-45.           
  • Reprinted in New Developments in Commercial Banking, edited by Donald Chew, Cambridge, MA:Blackwell Publishers, 1991.
  • Reprinted in The New Corporate Finance: Where Theory Meets Practice, edited by Donald Chew, New York: McGraw-Hill, 1992.

• "Portfolio Rebalancing and the Turn-of-the-Year Effect," Jay R. Ritter and Navin Chopra, Journal of Finance, Vol.44, No. 1 (March 1989), pp. 149-166. Download article from JSTOR. 

• "The Long-Run Performance of Initial Public Offerings," Journal of Finance, Vol. 46, No. 1 (March 1991), pp. 3-27.           
  • Abstracted in The CFA Digest, Vol. 21, No. 3 (Summer 1991).
  • Reprinted in Advances in Behavioral Finance, edited by Richard Thaler, New York: Russell Sage Foundation, 1993.
  • Winner of the Smith Breeden Prize for the best article in the Journal of Finance, 1991
  • IPOs 2012-5ears.pdf

• "Measuring Abnormal Performance: Do Stocks Overreact?" Navin Chopra, Josef Lakonishok, and Jay R. Ritter, Journal of Financial Economics, Vol. 31, No. 2 (April 1992), pp. 235-268.           
  • Abstracted in The CFA Digest, Vol. 22, No. 4 (Fall 1992), pp. 33-35.
  • Reprinted in Advances in Behavioral Finance, edited by Richard Thaler, New York:Russell Sage Foundation, 1993.
  • Reprinted in Market Efficiency: Stock Market Behaviour in Theory and Practice, edited by Andrew Lo, Cheltenham, UK: Edward Elgar Publishing.

• " The Market's Problems with the Pricing of Initial Public Offerings ," Roger G. Ibbotson, Jody L. Sindelar, and Jay R. Ritter, Journal of Applied Corporate Finance, Vol. 7,No.1 (Spring 1994), pp. 66-74.
  •   To be reprinted in The Investments Reader, Second Edition, edited by Robert W. Kolb.

• "Initial Public Offerings: International Insights," Tim Loughran, Jay R. Ritter, and Kristian Rydqvist, Pacific-Basin Finance Journal, Vol. 2, No. 2-3. (May 1994), pp. 165-199.     
  • Winner of the Chicago Board of Trade Competitive Research Award at the 1993 Pacific Basin Finance Conference.
  • 2013 Update Table 1

  • 2012 Update of (graph) Average First Day Returns

• "The New Issues Puzzle," Tim Loughran and Jay R. Ritter, Journal of Finance, Vol. 50, No. 1 (March 1995), pp. 23-51.          
  • Abstracted in The Bowne Review for CFOs & Investment Bankers, Vol. 6, No. 8 (June 1995).
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK:  Edward Elgar Publishing.  
  • Update
    • IPOs 2012-5years.pdf

• "The Costs of Raising Capital", Inmoo Lee, Scott Lochhead, Jay R. Ritter, and Quanshui Zhao, Journal of Financial Research, Vol. XIX, No. 1, (Spring 1996), pp. 59-74.           
  • Abstracted in the Financial Management Collection, Vol. 11, No. 2 (Spring/Summer 1996).
  • Winner of the Outstanding Paper award for the best article in the Journal of Financial Research, 1996.

• "Long-Term Market Overreaction: The Effect of Low-Priced Stocks," Tim Loughran and Jay R. Ritter, Journal of Finance,Vol. 51, No. 5 (December 1996), pp. 1959-1970. Download article from JSTOR.        
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK:  Edward Elgar Publishing.  

• "How I Helped to Make Fischer Black Wealthier," Jay R. Ritter, Financial Management, Vol. 25, No. 4 (Winter 1996), pp. 104-107.
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK:  Edward Elgar Publishing.  

• "The Operating Performance of Firms Conducting Seasoned Equity Offerings," Tim Loughran and Jay R. Ritter, Journal of Finance, Vol. 52, No. 5 (December 1997), pp. 1823-1850.   Download article from JSTOR.       
  • Abstracted in the Contemporary Financial Digest, Vol. 2, No. 1 (Spring 1998).
  • Reprinted in Behavioral Finance, edited by Hersh Shefrin, Cheltenham, UK:  Edward Elgar Publishing. 

• "Valuing IPOs," Moonchul Kim and Jay R. Ritter, Journal of Financial Economics, Vol. 53, No. 3 (September 1999), pp. 409-437.

• "The Seven Percent Solution," Hsuan-Chi Chen and Jay R. Ritter, Journal of Finance, Vol. 55, No. 3 (June 2000), pp. 1105-1131.
  • Update showing 1999 patterns
    • Gross Spread Pattterns: 1985 - 1999 (Table I)
    • Gross Spread Pattterns: 1980-2012 (Figures)

• "Uniformly Least Powerful Tests of Market Efficiency, " Tim Loughran and Jay R. Ritter, Journal of Financial Economics, Vol. 55, No. 3 (March 2000), pp. 361-389.
  • Purged and unpurged Fama-French monthly factor returns from 1973-2003, updated, from the Loughran-Ritter 2000 JFE article "Uniformly Least Powerful Tests of Market Efficiency"
  • Replication, Update, and Extension of Loughran and Ritter's 2000 Journal of Financial Economics article "Uniformly Least Powerful Tests of Market Efficiency"

• "Institutional Affiliation and the Role of Venture Capital: Evidence from Initial Public Offerings in Japan," Yasushi Hamao, Frank Packer, and Jay Ritter, Pacific-Basin Finance Journal, Vol. 8, No. 5 (October 2000), pp. 529-558.
  •  Data on 1,651 Japanese IPOs using bookbuilding from September 1997 to December 2009, from Takashi Kaneko and Richard Pettway
  •  Japanese IPOs from Tokyo IPO.com

• "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?," Tim Loughran and Jay R. Ritter, Review of Financial Studies, Vol. 15, No. 2 (2002), pp. 413-443. 

• "The Decline of Inflation and the Bull Market of 1982 to 1999,"  Jay R. Ritter and Richard Warr, Journal of Financial and Quantitative Analysis, Vol. 37, No. 1 (March 2002), pp. 29-61.

• "The Biggest Mistakes We Teach,"  Jay R. Ritter, Journal of Financial Research,  Vol. 25, pp. 159-168 (Summer 2002).

• "A Review of IPO Activity, Pricing, and Allocations," Jay R. Ritter and Ivo Welch, Journal of Finance, Vol. 57, No. 4 (August 2002), pp. 1795-1828.

• "The Quiet Period Goes Out With a Bang" with Daniel Bradley and Bradford D. Jordan, Journal of Finance, Vol.58, No. 1 (February 2003), pp. 1-36.

• "Behavioral Finance", Jay R. Ritter, Pacific-Basin Finance Journal, Vol. 11, No. 4 (September 2003) pp. 429-437.  (Click on Pacific-Basin Finance Journal for published version; if you are not authorized to download from North-Holland's website, please click on "Behavioral Finance".)

• "Differences between European and American IPO Markets.",  European Financial Management, Vol. 9, No. 4 (December 2003), pp. 421-434.

• "The IPO Quiet Period Revisited," with Daniel J. Bradley, Bradford D. Jordan, and Jack G. Wolf, Journal of Investment Management, Vol. 2, No. 3 (Third Quarter 2004), pp. 3-13.

• "Why Has IPO Underpricing Changed Over Time?," with Tim Loughran. Financial Management, Vol. 33, No. 3 (Autumn 2004), pp 5-37.  Founding dates for 9,598 (updated March 31, 2013) firms going public in the U.S. during 1975-2012, as described in Appendix A, can be downloaded here.  A list of IPOs from 1980-April 2012 with multiple share classes outstanding as described in Appendix B can be downloaded through here.  The underwriter reputation rankings used in this paper (see Appendix C in the paper for description) can be downloaded here. A list of internet IPOs (updated through April 2012) as described in Appendix D is available here.   Copyright © 2004 Financial Management Association International, an affiliate of the Finman Corporation. Composed and printed by Dartmouth Printing Company, Hanover, NH. Printed in the U.S.A.

• "Economic Growth and Equity Returns", Jay R. Ritter, Pacific-Basin Finance Journal, Vol. 13, No. 5 (November 2005) pp. 489-503.

• "Short Interest, Institutional Ownership, and Stock Returns," with Paul Asquith and Parag A. Pathak, Journal of Financial Economics, Vol. 78, No. 2 (November 2005), pp. 243-276.

• "Do Today's Trades Affect Tomorrow's IPO Allocation?" with M. Nimalendran and Donghang Zhang,  Journal of Financial Economics, Vol. 84, No. 1 (April 2007), pp. 87-109.

• "Affiliated Mutual Funds and the Allocation of Initial Public Offerings," with Donghang Zhang, Journal of Financial Economics, Vol. 86, No 2 (November 2007) pp. 337-368.
           Allocation data (with names of institutional investors, indications of interest, and actual allocations) for 11 bookbuilding  IPOs from 1997-2000 used in Table 7.

• "Analyst Behavior Following IPOs: The "Bubble Period" Evidence," with Daniel J. Bradley and Bradford D. Jordan and Jay R. Ritter, Review of Financial Studies, Vol. 21, No. 1 (January 2008), pp. 101-133.

• "Forensic Finance",  Journal of Economic Perspectives, Vol. 22, No. 3, (Summer 2008) pp. 127-147.

           Pre-print if the link does not work.

           Harry Markopolos's famous 2005 memo to the U.S. SEC alerting the regulators to the Madoff Ponzi scheme.

• "Testing Theories of Capital Structure and Estimating the Speed of Adjustment," with Rongbing Huang,  Journal of Financial and Quantitative Analysis, Vol. 44, No. 2 (April 2009) pp. 237-271.  Cambridge University Press.  "Copyright, University of Washington Foster School of Business".

  • Winner of the William F. Sharpe Prize for the best article in the Journal of Financial and Quantitative Analysis, 2009.

• "The Economic Consequences of IPO Spinning", with Xiaoding Liu, Review of Financial Studies, Vol. 23, No. 5 (May 2010), pp. 2024-2059.            

           Excel file with information for analyst coverage by lead underwriters and spinning dummies for IPOs from 1993-2009 (including updates and

           corrected data items).

           Internet Appendix Tables IA-1 and IA-2.

           Randall Smith's 2010 book on Frank Quattrone The Prince of Silicon Valley.

   

• "The Marketing of Seasoned Equity Offerings." with Xiaohui Gao, Journal of Financial Economics, Vol. 97, No. 1 (July 2010), pp. 33-52.

           The published version is available on the North-Holland JFE website by clicking on Journal of Financial Economics.

           Appendix B describing Nasdaq Volume Adjustment Algorithm

           "Gao-Ritter (2011) Adjustment Factor for Nasdaq Volume Applied to IPO First-day Returns, 1983-2011"

  • Winner of the Jensen Prize for the best paper in Corporate Finance in the Journal of Financial Economics, 2010.

   

• "Local Underwriter Oligopolies and IPO Underpricing", with Xiaoding Liu,  Journal of Financial Economics, Vol. 102, No. 3, (December 2011), pp. 579-601.
         Internet Appendix.
         Excel file with information for analyst coverage by lead underwriters and spinning dummies for IPOs from 1993-2009 (including updates and
         corrected data items).
   

• "Equilibrium in the Initial Public Offerings Market", Annual Review of Financial Economics, Vol. 3 (2011), pp. 347-374. 

• "Europe's Second Markets for Small Companies", with Silvio Vismara and Stefano Paleari, European Financial Management, Vol. 18, No. 3, (June 2012), pp. 352-388.

• "Is Economic Growth Good for Investors?" Journal of Applied Corporate Finance, Vol. 24, No. 3, (Summer 2012), pp. 8-18.

• "The Turn-of-the-Year Effect," pp. 705-706 in The New Palgrave Dictionary of Money and Finance, edited by J. Eatwell, M. Milgate, and P. Newman, London: MacMillan, 1992.

• "Going Public," Kathleen Weiss Hanley and Jay R. Ritter, pp. 248-255 in The New Palgrave Dictionary of Money and Finance, edited by J. Eatwell, M. Milgate, and P. Newman, London: MacMillan,1992.

• "Racetrack Betting--An Example of a Market with Efficient Arbitrage," pp. 431-441 in Efficiency of Racetrack Betting, edited by D. B. Hausch, Victor S. Y. Lo, and W. T. Ziemba, San Diego:Academic Press, 1994.

• "Initial Public Offerings," Roger G. Ibbotson and Jay R. Ritter, Chapter 30 (pp. 993-1016) in Handbooks of Operations Research and Management Science: Finance edited by R. Jarrow, V. Maksimovic, and W. Ziemba, Amsterdam: North-Holland, 1995.

• "Initial Public Offerings," in Warren, Gorham, and Lamont Handbook of Modern Finance edited by Dennis Logue and James Seward, Boston and New York: WGL/RIA 1998.            
  • Reprinted (with modifications) in Contemporary Finance Digest, (Spring 1998) Vol. 2, No. 1, pp. 5-30.

• "The Future of the New Issues Market," Jay R. Ritter, Published as pp. 293-308 of Brookings-Wharton Papers on Financial Services 2002.

• "Investment Banking and Securities Issuance,"  Chapter 5 of North-Holland Handbook of the Economics of Finance edited by George Constantinides, Milton Harris, and René Stulz, (2003).

• "Introduction to Recent Developments in Corporate Finance" is in Recent Developments in Corporate Finance, Volumes I and II, edited by Jay R. Ritter, Northampton, MA: Edward Elgar Publishing (2005).
• "Post-IPO Employment and Revenue Growth for U.S. IPOs, June 1996-2010", with Martin Kenney and Donald Patton, Kauffman Foundation Report, May 2012.